GST Council extends anti-profiteering authority's tenure, sends rate cut on EVs to fitment panel and also extended the date for filing annual returns under the GST by two months to August 30.
Facing a deepening slowdown, the auto sector is pinning hopes on the GST Council meeting on September 20 for a rate cut from 28 per cent to 18 per cent. However, states including Bihar, West Bengal, Kerala, and Punjab are of the view that the slowdown in the auto sector is not because of the GST rate but structural issues in the economy.
India's existing web of federal and state sales taxes is levied at different stages of the supply chain and often results in double taxation, while forcing trucks to spend nearly a quarter of their road time in border checks or other inspections.
Kerala tourism is poised to grow by 11.6 per cent per annum over the coming decade, which will be the highest in the world, the World Travel and Tourism Council report released said.
The goods and services tax will level the playing field for different sectors of industry, including domestic manufacturing.
Jaitley says govt is open to scrapping 1% additional tax on GST
The colsolidated net profit of the company was down by 8 per cent.
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
There will be some populist announcements in Budget.
Long accused of being a route for avoiding taxes for foreign investments into India, Mauritius says it has put additional safeguards in place to thwart such wrong perceptions and to boost its image as a preferred global financial centre.
The challenge of cleaning up the taxation system and introducing the goods and services tax (GST) regime cannot be underestimated.
The BSE Mid-Cap index was currently down 1.25%
GST seeks to subsume many indirect taxes at the Central and state levels.
Some of the players in the GST race are Payworld, Dell, Tally Solutions
"We see high market potential with growing population of Indian middle class families aspiring for more advanced features like safety, space, luxury and comfort," Toyota Kirloskar Motor's MD Akito Tachibana told reports at the Auto Expo in Greater Noida last week.
With 75 per cent of votes counted, the ND party was leading with 39.6 per cent of total votes heading towards a majority in the 300-member Greek Parliament, while Tsipras' leftist Syriza was behind with 31.6 per cent of total votes, CNN reported.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
GST rates would depend upon whether the commodity is used by a rich person or a common man
Consumer products like mobile phones and laptops may become cheaper as the overall taxes on goods are likely to come down
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
The ongoing vicious game between Delhi and the so-called 'separatist' militias has severely blighted the Nagas' life and gutted their dignity, says Ravindra Narayan Ravi
GST will also make our exports more competitive and also provide a level playing field to domestic industry to compete with imports, the President said.
Clarifies 'profit-split' will not be only method to compute tax
Modi, upon arrival, was received by External Affairs Minister Sushma Swaraj.
Exemption limits, standard deduction on radar.
The Swadeshi Jagaran Manch has pointed out that these firms pose a threat to domestic manufacturing and retailing as they do not pay relevant taxes such as GST, giving them a huge edge over local players.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
The Bill has already been passed by the Lok Sabha.
The tax imposed on buyback of shares and employee stock options is different in case of listed and unlisted companies, says Sudipto Dey
Never before in post-reforms India have Union Budgets seen a steady reduction in fiscal deficit for five consecutive years, points out A K Bhattacharya.
Jaitley said a very large number of reforms have taken place over the last few years and that has helped in restoring the credibility of the Indian economy
They are making switch to the high-growth alternative investments fund industry, reports Pavan Burugula.
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns.
Modi said India Post and Japan Post would start a 'cool box service' for Japanese people living in India so they could order their favorite food from Japan.
It is immediately not clear how GST will impact the mass car market. Experts, however, say the level of tax on smaller cars will have to be at a differential to the sedans.
The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
Prime Minister Narendra Modi said India and the United Kingdom are economically made for each other.
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